LaunchDarkly, a US-based software management technology developer backed by media company Bloomberg, completed a $44m series C round led by venture capital firm Bessemer Venture Partners on Wednesday.
VC firms Redpoint Ventures, Vertex Ventures, DFJ and Uncork Capital all took part in the round, which increased the company’s total funding to $76m.
LaunchDarkly has developed a platform that software development teams can use to separate code deployments from feature releases in order to reduce the risk associated with building and testing software.
Developers can turn features on and off for select groups of users in the testing stage, a feature that can also be used by customers following the deployment of the software.
The company’s technology is used by more than 700 customers including carmaker BMW, airline operator RyanAir, computing technology producer IBM and software provider Microsoft. It will use the series C cash to expand its core product.
Bloomberg’s corporate venturing unit, Bloomberg Beta, took part in the company’s $2.6m seed round in 2015, participating alongside SoftTech, 500 Startups, Cervin Ventures and several angel investors.
The company went on to raise $8.7m in a 2016 series A round featuring Bloomberg Beta, DFJ and SoftTech VC, before adding $21m from Redpoint Ventures and Vertex Ventures in a late 2017 series B.